Biden eyes decision on Fed chair this week

President Biden said Tuesday he would make an announcement on the Federal Reserve’s leadership in “about four days.”

“Yes, as my grandfather would say, with the grace of God and the goodwill of the neighbors, you’re gonna hear that in about four days,” Biden said when asked if he was closer to a decision on the Federal Reserve chair.

The president made the comments to reporters Tuesday afternoon while in New Hampshire, where he was traveling to promote the $1.2 trillion infrastructure bill he signed into law on Monday.

A White House official later told The Hill that an announcement would be made sometime before Thanksgiving, which is next Thursday.

Biden faces a decision on whether to renominate current Federal Reserve Chairman Jerome Powell for another term or to select someone else for the position. Biden is said to be considering Lael Brainard, who serves on the Federal Reserve board of governors, for the role.

The White House has been tight-lipped about the deliberations around the role atop the Federal Reserve. Powell’s current term ends in February. Biden’s choice, even if it’s Powell, would need to survive confirmation in a divided Senate, where Democrats have just a single-vote majority.

Biden reportedly met Powell and Brainard for separate interviews earlier this month.

Powell, who was appointed to the post by former President Trump, has earned praise among members of Congress for helping to lead the U.S. economy through the coronavirus pandemic-induced recession.

Still, some progressives have called for a change atop the Fed and advocated for Brainard, who is currently the only Democrat sitting on the Fed board.

The decision is being watched even more closely due to the current state of the economy, which is still recovering amid the COVID-19 pandemic. While the U.S. has seen strong job growth over several months, inflation has been on the rise, leading to concerns among the public and policymakers in Washington.

Updated 5:57 p.m.